Hollywood , FL · Member since 2016 · 17 posts · 3 votes
So my friend and I are sick and tired of paying ridiculous rent in beautiful Vail, Colorado. We absolutely love living here and we both know this is where we would like to live for quite sometime. We can't afford to buy a house or condo already built but we can and are planning to buy a half acre to acre lot to build a home on in Eagle, CO not too far away. Is anyone familiar with the area? Do you think this would be a good move?
Hollywood , FL · Member since 2016 · 17 posts · 3 votes
10y
@Dann Coffey that sounds great. Unfortunately I'm currently out of town until about the 10th of June or so. But, I'd love to meet with you sometime when I am back in town. When would be a good time for you to meet?
Wholesaler · Colorado Springs, CO · Member since 2016 · 20 posts · 5 votes
10y
@Keven, if you can find who is open to terms, then you can offer a couple thousand down and take over payments. Subject-To. There are more details I left out, but it can be done.
Rental Property Investor · Denver, CO · Member since 2013 · 4k+ posts · 2k+ votes
10y
@Keven Pare welcome. The key with land is zoning, utilities and access. For the size of parcel you are considering, it will be required to be a part of a subdivision (35 acres is the smallest parcel that can be sold without a subdivision plat). You have to know what your are going to do for water and sewer. Also how far away is power? Last I checked, overhead power was over $10K per mile and I'm sure in your area it's way more expensive too. The way to tell is to id a parcel and start asking questions. You will soon learn why everyone isn't doing it. I've been a part of some land development. The rewards are handsome but not without significant cost and peril. It takes money to develop land or to be a builder. If you don't have money I think there are better ways to get your foot in the door for home ownership.
In your shoes I would seek out motivated sellers that might allow you to gain some equity that you can then snowball into full ownership. Seems to me finding a seller that just inherited a property or who has fallen on hard times and can no longer afford a home in vacation land would be the way I would go in your shoes.
Investor · Eagle, CO · Member since 2013 · 94 posts · 24 votes
10y
Where are you planning to buy?
Eagle Ranch has lots of vacant lots, as well as HOA fees, design review board and ER Metro District doubling taxes. List prices from $89,000 to $295,000.
Maybe 7 undeveloped lots in the Bluffs, but none for sale. Same story in the Terrace.
A few for sale north of the interstate, the cheapest one in Eby Creek is listed for $130,000.
A few in Upper Kaibab at $205k.
Rent ain't cheap, neither is land. From what I hear, construction costs are crippling except for the 1%ers that prefer longer summers than Vail.
I was fortunate to buy an REO in Eagle Ranch in 2013. It's bounced in value about $200k since. I'd sell it but can't afford anything else around here. Although prices are bonkers, there is no new supply (a few Soleil Homes coming on line, but ERS and Haymeadow don't seem to be moving forward), so I believe that, locally at least, there is nothing to burst this bubble. I'd love to buy more. I would have really loved to have bought 10 back in '13.
Hollywood , FL · Member since 2016 · 17 posts · 3 votes
10y
Yeah @Ryan K. we were looking primarily in the Eagle Ranch area or possibly even Cordillera. So do you happen to know if there's a Sq. Ft. minimum for building in Eagle Ranch? I'm assuming the lots are at a fairly low price, considering the area, because of all the HOA fees, design review board, etc.?
I'm sure you've seen Horse Mountain Ranch north of Wolcott? 40 acre lots, beautiful views, tons of bank owned inventory for sale, only $60k. The only catch is there's no water, but I always dream of buying some land up there.
Hollywood , FL · Member since 2016 · 17 posts · 3 votes
10y
Yes Horse Mountain Ranch has definitely been on my radar for over a year now. That area is tricky @Ryan K., I feel like a plot there would either be a gold mine or a bust. What do you think?
Investor · Eagle, CO · Member since 2013 · 94 posts · 24 votes
10y
There's like 30 bank owned lots for sale. And no water. Once the bank sold it's entire inventory, I think it would be a gold mine but the absorption period is likely decade+. Plus no water.